Ethereum Price Pullback Deepens: Bulls Struggle to Hold Support
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Ethereum price failed to clear the $3,400 resistance and extended losses. ETH is struggling and might continue to move down if it stays below $3,400.
Ethereum started a fresh decline from the $3,400 zone.
The price is trading below $3,350 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could struggle to start a fresh increase above the $3,300 resistance level.
Ethereum Price Extend Losses
Ethereum price failed to start a recovery wave above the $3,400 level and extended losses like Bitcoin. ETH declined below the $3,350 and $3,320 support levels.
There was a clear move below $3,250 and $3,220. A low was formed at $3,159 and the price is now consolidating below the 23.6% Fib retracement level of the recent decline from the $3,742 swing high to the $3,159 low. There is also a connecting bearish trend line forming with resistance at $3,300 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,320 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,300 level and the trend line.
The first major resistance is near the $3,400 level. The main resistance is now forming near $3,450 and the 50% Fib retracement level of the recent decline from the $3,742 swing high to the $3,159 low. A clear move above the $3,450 resistance might send the price toward the $3,500 resistance.
An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $3,300 resistance, it could start another decline. Initial support on the downside is near the $3,200 level. The first major support sits near the $3,160.
A clear move below the $3,160 support might push the price toward the $3,080 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,160
Major Resistance Level – $3,300
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
